Evgeni Malkin could've maxed out, whether it was with the Pittsburgh Penguins or, allegedly, the KHL.

Instead, the 2012 Hart Trophy winner signed an eight-year, $76 million contract extension with Pittsburgh, which was announced on Thursday morning. Initial reports suggested that he'd seek at least $10 million annually and could make at least $15 million tax-free in Russia.

Evgeni Malkin won the Art Ross and Hart Trophies in 2011-12. (AP Photo)

The deal ensures that Malkin, who turns 27 this summer, will play with Sidney Crosby through their primes. The two are both former MVPs, scoring champions and Stanley Cup-winners. It's also the best-yet reminder that the new CBA needs to change how people think and talk about NHL contracts.

Yes, Malkin's salary cap hit ($9.5 million) is larger than Crosby's ($8.7 million). No, he's not Pittsburgh's highest-paid player, because Crosby makes $12 million in each of the next three seasons and $86.4 over the next eight. Crosby signed a 12-year, $104.4 million extension last summer before the lockout capped contract terms at eight years and severely limited variance in salary from year-to-year.

The average annual salaries of the league's elite players essentially plateaued, even as revenues and the cap rose before the lockout. Alex Ovechkin's $10 million cap hit, off a deal he signed in 2008, is still the highest in the league, because GMs and agents started implementing long-tail deal structures. Now, those deals are illegal, and cap hits are going to start more closely matching salaries—but that doesn't mean the players are any more selfish, or any better paid on a year-to-year basis.

In Pittsburgh's case, whether it's a good idea to commit that much cap space to two players—and with defenseman Kris Letang, a Norris Trophy finalist, still to either extend or trade—is another issue entirely, especially considering that the Penguins are coming off an embarrassing four-game sweep by the Boston Bruins. But Malkin, unquestionably, is worth it, assuming he stays healthy.

An extension with the all-world center was GM Ray Shero's offseason priority (at least after deciding to retain and extend coach Dan Bylsma). Now, Shero can figure out how to proceed with Letang, particularly heading into the 2013 NHL Draft on June 30. Letang, 26, would make at least $7 million on the open market.